When we talk to companies, we hear a common question: How do we grow our business? If your company is smaller, the issues are related to attracting customers. When the business gets larger, the issues are more about keeping your customers. Later, the issues are about staff and maintaining consistent service and quality across a large organization. These issues are always linked back to customers and employees. If you focus on those two areas while you grow, you increase the chances that you will succeed over the long term.
How do I get more customers?
The answer is a simple formula: The higher the customer satisfaction, the more business you will have. It's that simple. That is why this is one of the first things that you should focus on when building your business. But how do you improve customer service? The easiest way is to talk to your customers and ensure you are focused on their success. If you build partnerships with your customers, then you both have a vested interest in the others success. It is a very simple process, but is often overlooked in the race to gain new customers.
How do I keep my customers?
Keeping your current customers happy is what makes a business successful over the long haul. To get there, you have to take the first step and understand who your customers are and what makes them happy. No company has only one priority, so understanding the many items that make you customers happy will enable you to focus on delivering that value. Beyond simply providing your customers with what they want, you have to ensure they are getting consistent quality service. We have seen companies who lose contracts over a single problem. These could be communication issues or lack of response to an important issue, but they result in the loss of the customer. Losing your current customers will force you to spend more time selling in order to replace the lost customers. This results in slower growth and a lack of time to spend on your operations and improving your service delivery. By focusing on your customers and providing them the best services possible, you give them every reason to stay with you and rave to their friends about your services.
Losing your current customers will force you to spend more time selling in order to replace the lost customers.
How do I scale my company?
Growing a company is very difficult. After you have your business processes well defined and service delivery managed properly, you must then focus on one of the hardest parts of growing and scaling a company: your staff. With every person you add to your staff, you add an individual who may be a great fit to the organization, or someone who creates and spreads negativity. When you are smaller, this is more controllable as you and your leadership team have more direct control over the day-to-day activities. Later, you give up control to managers and supervisors. As more and more staff are added, you lose more control over the culture and operations of your organization. This is why it is critical to hire leaders who internalize your culture and can represent it every day to all the staff. This will help to reinforce your culture and ensure you continue down the same path as you grow.
The principles and strategies listed can help you grow your business and improve your customer retention rates. The bottom line is that retaining your customers can make a huge difference in revenue over the years. If you reduce your churn rate by 20% while adding the same sales, you can actually more than triple your revenue vs the national average. That type of growth is what you started your company to achieve, so making your customers happy is the fastest way to get there. This is why we created our software, so if you are interested in improving customer retention, employee communications, and top line revenues, then take a look at the Signal Cortex platform.